In an industry where differentiation is razor-thin and customer trust is paramount, HDFC Securities has been navigating the evolving landscape of retail investing with a sharp focus on digital innovation, financial literacy, and personalized experiences. With over two decades of brand equity from the HDFC Group as its foundation, the company has been balancing performance-led campaigns with long-term trust-building initiatives, especially as younger investors and Tier 2 and Tier 3 markets fuel the next phase of growth.
In this conversation with exchange4media, Puneeth Bekal, EVP and CMO of HDFC Securities, shares insights into how the brand is using AI, vernacular content, and knowledge-driven campaigns to stay ahead of fintech competitors, while reimagining the role of marketing in shaping investor behavior and strengthening customer loyalty.
Edited excerpts:
HDFC Securities operates in a space where differentiation is tough. How do you balance functional communication on products with brand-building campaigns that build trust and recall?
HDFC has established itself as a trusted and reliable brand, which forms the foundation of our communication strategy. Recognizing that differentiation in the securities space is challenging, our approach emphasizes a customer-centric philosophy rather than solely focusing on product features.
Our strength lies in delivering innovative stockbroking solutions coupled with easy access to a comprehensive suite of offerings. As a digital first organization, we prioritize seamless, user-friendly platforms such as InvestRight and HDFC SKY, which provide research-backed insights along with advanced tools for trading, and investment decision-making thereby enhancing convenience and engagement for our customers.
Additionally, we differentiate ourselves through personalized advisory services and insights that empower investors, setting us apart from competitors. We also ensure our offerings are accessible and affordable, for example, our research-based mutual fund recommendations are provided free of charge, and we offer zero brokerage on ETF investments via our platforms. Our product, like MTF, offers investors the opportunity to amplify exposure up to four times at a nominal interest rate of just 1% per month, one of the most competitive rates in the industry. Beyond product offerings, we leverage cutting-edge technologies such as AI and data analytics to deliver smarter investment solutions and a superior trading experience. This integrated approach of consistent brand communication and innovative, customer-focused products helps us build trust, strengthen recall, and sustain differentiation in a competitive landscape.
What role does education and financial literacy play in your marketing? Are campaigns more “product-push” or “knowledge-led”?
Our focus is on empowering both existing and new-to-market customers by helping them make informed decisions and fostering trust in our brand. We prioritize delivering value through knowledge-led campaigns that educate our audience about financial concepts, benefits, and responsible usage of financial products. Earlier in 2024, we partnered with the Ghatkopar Metro, which experiences high footfall, to create an innovative campaign. We rebranded the metro station as HDFC SKY Ghatkopar, transforming it into a hub for financial information. Commuters can access resources such as digital calculators, charging kiosks with educational content, and digital screens displaying helpful financial information. This initiative allows commuters to empower themselves with financial knowledge in their daily routines. Additionally, we launched the SKY Learn platform via our website and broking app HDFC SKY, covering topics like responsible investing, financial planning, debt management, and basics of capital markets.
Our HDFC Securities website and the InvestRight app also emphasize financial literacy, presenting content in an accessible manner so even new investors can understand market nuances and make informed decisions. Recently, we launched the ‘Know Your Money’ CSR campaign to promote financial literacy among underserved groups such as gig workers, informal sector employees, and students from government schools. This initiative offers app-based modules and in-person sessions conducted in 10 Indian languages, with plans for further expansion.
Overall, our campaigns are predominantly knowledge-led, aiming to educate and empower our customers rather than just push products. While product information is important, our approach emphasizes building awareness and understanding, which ultimately encourages more meaningful engagement and long-term loyalty rather than just a direct product push.
Can you shed some light on how your ad spends have evolved in the past year? How do you integrate performance marketing with brand-building to ensure both short-term acquisition and long-term trust?
Over the past year, our advertising expenditure has been reduced by approximately 76% year-on-year. This strategic shift has allowed us to reallocate resources towards enhancing our technology infrastructure and developing more customer-centric product offerings. While our direct ad spend has reduced, we continue to prioritize a balanced approach that integrates performance marketing with brand-building efforts. We continue to focus on targeted campaigns that drive short-term acquisitions, supported by data-driven insights to maximize ROI. Simultaneously, we invest in brand-building initiatives that foster long-term trust and loyalty, ensuring sustained growth and customer engagement.
What’s the current split of your marketing spends across digital, TV, print, and outdoor? Has digital overtaken traditional media in your mix?
As a brand, we do not adhere to a one-size-fits-all approach, our marketing spending is dynamic and data-driven. Typically, our investment levels fluctuate based on insights and evolving strategies. Currently, digital media has clearly overtaken traditional channels like TV, print, and outdoor in our marketing mix. This year, we have allocated a higher proportion of our budget to digital platforms, reflecting this shift. Moreover, it makes sense to focus on the digital medium, looking at the data, over 95 crore people in India have internet access, with more than 55 crore residing in urban areas and nearly 40 crore in rural regions.
Additionally, broadband speeds have increased nearly threefold, facilitating more engaging and frequent digital consumption. These factors make a compelling case for prioritizing digital spends. That said, traditional media such as television, print, and outdoor advertising still hold importance for us. However, our investments in these channels are guided by the quality of the offering and the potential for maximum value both in reaching existing customers and attracting new ones. Overall, digital has become the primary focus, but we continue to leverage traditional media where it aligns with our strategic objectives.
How do you evaluate the effectiveness of newer media like OTT, podcasts, or influencer-driven channels compared to conventional advertising?
To evaluate the effectiveness of newer media channels such as OTT, podcasts, and influencer-driven platforms compared to conventional advertising, we employ a combination of both quantitative and qualitative metrics. Key performance indicators include engagement rates, viewership analytics, brand lift studies, and audience reach specific to each platform. Additionally, we track conversion metrics like website traffic, lead generation, and actual customer inquiries resulting from campaigns. We also conduct brand awareness surveys and social media sentiment analysis to gauge the impact of various channels on brand perception. These insights help us identify which channels deliver the best return on investment and resonate most effectively with our target audience.
By leveraging these data-driven insights, we have successfully implemented strategies that contributed to a 131% year-over-year increase in HDFC SKY customer acquisition and nearly 15% YoY growth in HDFC Securities. Tier 2 and Tier 3 cities are driving new retail investor growth.
How are you tailoring campaigns in vernacular languages for these markets?
We tailor our campaigns in vernacular languages to effectively resonate with local audiences. This involves creating content and messaging in regional languages, incorporating culturally relevant themes, and leveraging local media channels.
Beyond marketing, this strategy extends to our CSR initiatives as well. For example, our ‘Know Your Money’ program’s entire content is developed and disseminated in 10 different languages. Additionally, through our CSR implementation partners, we collaborate with individuals and teachers from regional areas who are trained in these languages. They then further deliver training to underprivileged and underserved communities, ensuring broader reach and meaningful impact.
Millennials and Gen Z are increasingly taking to investing. How does your messaging differ for younger investors compared to older, wealthier audiences?
Millennials and Gen Z are central to our strategy for HDFC SKY, the discount broking platform from HDFC Securities. We offer youth-focused investment plans, such as the HDFC SKY Youth Plan, designed specifically for individuals aged 18 to 25. This plan includes benefits like brokerage-free trading for the first year, zero brokerage for life on investments in Exchange-Traded Funds (ETFs), and low-interest rates on margin trading, making it an affordable entry point into the stock market for young investors. Additionally, HDFC SKY Learn provides access to articles, modules with informative content, and research-backed financial advice from our in-house analysts to support and educate young investors.
In the next 2–3 years, where do you see the biggest marketing bets for HDFC Securities—AI, vernacular, experiential, or something else?
I believe the biggest marketing focus for us should be a combination of AI and vernacular content. AI has the potential to significantly enhance personalized customer experiences, streamline advisory services, and optimize marketing campaigns through predictive analytics. In fact, we have recently deployed the SKY-MCP (Model Context Protocol), which enables users to access their portfolios via AI tools like Claude AI, allowing them to evaluate their investments and make more informed decisions. At the same time, leveraging vernacular languages will be essential to reach and engage India’s vast and diverse population, making our investment products more accessible and relatable.
As competition intensifies with fintech apps, how does your marketing strategy help HDFC Securities stay relevant and distinctive?
India has crossed the 20 crore mark for total demat accounts as of July 2025 showing over 20 crore accounts. This growth is primarily driven by younger investors and increased market participation, creating a significant opportunity for us to engage a broader audience. While earlier reports in late 2024 indicated around 17-18 crore accounts, recent data reflects a continued surge in new sign-ups, despite the ongoing challenge of investors holding multiple accounts.
Our strategy leverages this expanding investor base by offering tailored, localized content, innovative digital experiences, and AI-powered tools to facilitate smarter investing. By focusing on building trust, providing valueadded services, and maintaining a customer-centric approach, we ensure that HDFC Securities remains a relevant and distinctive choice amidst rising competition.
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